Taxes and the Proper Role of Government

Thoughts on a Free Market Economy…
“Taxes and the Proper Role of Government”
By Phyllis Hunsinger
February 1, 2020

The time between celebrating the New Year and Easter is the tax season. For income earners, this considerable effort involves compiling the paperwork, complying with the tax codes and laws, computing the amount owed, and finally paying the taxes.

Taxation is necessary to fund the proper role of government, which the Declaration of Independence and the U.S. Constitution describe as defending citizens against enemies both foreign and domestic and protecting …

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“How is Wealth Created”

Thoughts on a Free Market Economy…
“How is Wealth Created?”
By Phyllis Hunsinger
January 1, 2020

As the 2020 New Year is welcomed in, many people will formulate New Year’s resolutions which will run the gamut from developing better health habits to better financial habits with a myriad of other resolutions in between. Most individuals desire to improve their financial health, whether it is through better money management or earning more money. Understanding how wealth is created may help people with their financial resolutions.

In the book, Wealth of …

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“The Invisible Hand”

Thoughts on a Free Market Economy…
“The Invisible Hand”
By Phyllis Hunsinger
December 1, 2019

The “invisible hand” that is the driving force in a market economy is each individual promoting his or her self-interest. Consumers aim to get the greatest satisfaction from their budgets; entrepreneurs try to achieve the highest profits for their firms; workers want the highest possible wages and salaries; and owners of property resources attempt to get the highest possible prices from the rent and sale of their resources.

Another way to envision the invisible …

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Economic Freedom defined by Students

Thoughts on a Free Market Economy…
“Economic Freedom defined by Students”
By Phyllis Hunsinger
November 12, 2019

The 2019 Western Slope Economic Leadership Conference on November 12, 2019, featured something new this year: Student Leaders. Students registered to attend the conference were invited to apply to be a student leader during the conference. These student leaders were trained by the speakers, Dr. Donald Fell and Dr. John Brock, to assist with several teaching activities involving the large group of students. As a part of the …

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“Economic Freedom”

Thoughts on a Free Market Economy…
“Economic Freedom”
By Phyllis Hunsinger
October 1, 2019

Economic freedom is defined as the fundamental right of every human to control his or her own labor and property. In an economically free society, individuals are free to work, produce, consume, and invest in any way they please.

Each year the Fraser Institute, the Heritage Foundation, and the Wall Street Journal compile a ranking of countries in the world according to their economic freedom. The Economic Freedom Index, which the …

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“Saving Money”

Thoughts on a Free Market Economy…
“Saving Money”
By Phyllis Hunsinger
September 1, 2019

How often do we as Americans think about saving money? How often do we encourage young people to develop the habit of saving money? Why do we need to save anyway? We save because we cannot predict the future. Saving money can help individuals become financially secure. The data below demonstrates most Americans are not saving money.

A recent survey by Bankrate.com revealed that millions of Americans are ill prepared for …

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“Is Student Debt Cancellation Fair”

Thoughts on a Free Market Economy…“Is Student Debt Cancellation Fair”By Phyllis HunsingerAugust 1, 2019

Student debt cancellation is one of the major issues being advocated by current presidential candidates. Truly it is understandable why this is being promoted in a presidential campaign.Anytime a political candidate can concentrate the benefits of an interest group that may garner some sympathy in the public eye and have everyone else pay for these benefits, votes just seem like easy-picking for the candidates.  This is nothing new in campaigns.

But, is debt …

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Life, Liberty, and Property

Thoughts on a Free Market Economy…

“Life, Liberty, and Property”

By Phyllis Hunsinger

July 1, 2019

Claude Frederic Bastiat was a French economist, legislator, and writer in the first part of the nineteenth century who championed private property, free markets, and limited government. His most famous work is The Law, which is the classic blueprint for a free society.

As July 4th is celebrated in …

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“The Broken Window Fallacy”

Thoughts on a Free
Market Economy…

“The
Broken Window Fallacy”

By
Phyllis Hunsinger

June 1, 2019

The broken window fallacy was first expressed by the great French economist, Frederic Bastiat, born June 29, 1801, and died Decembeer 24, 1850. Bastiat used the parable of a broken window to demonstrate why destruction does not benefit the economy.

In Bastiat’s parable, a young son breaks a pane of glass, meaning the father will have to pay to replace the broken window. The onlookers, and perhaps the boy’s mother, consider the situation and decide …

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Taking Capitalism For Granted

Thoughts on a Free
Market Economy…

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Thoughts on a Free Market Economy…

“Taking Capitalism for Granted”

By Phyllis Hunsinger

May 1, 2019

“Taking
Capitalism for Granted”

By
Phyllis Hunsinger

May
1, 2019

A Harris poll in March, 2019, revealed
61% of Americans aged between 18 and 24 have a positive reaction to the word,
“socialism,” and overall, 39% of Americans are well-deposed toward socialism.

When reading these poll results, several
questions come to mind: (1) Did the respondents have to put down their smart
phones and their cup of Starbucks coffee in order to respond to the poll
questions? (2) Have any of …

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